CHINA LOVES SYDNEY – ASIAN INVESTORS SNAP UP SYDNEY!

CASHED-UP Asian investors are fueling a mini property boom, ploughing billions of dollars into houses and apartments around Australia.

Investors from China, Hong Kong and Singapore are snapping up real estate in many of Sydney’s most desirable locations – from the central business district to waterfront properties and areas surrounding schools and universities.

Similarly, Asian investors are swooping on top-end residential property in Queensland and Victoria.

They are among the top buyers of new development properties across Australia’s major cities with families taking advantage of what they see as relatively cheap real estate prices compared to those in urban Asian centres.

Asian investors have overtaken those from Britain to become the biggest foreign buyers of Queensland property, with buyers from South Korea, Singapore and China the state’s biggest foreign spenders.

Despite fears that foreign investors will push the price of housing out of reach of ordinary families, experts predict it will actually help the property market recover.

Foreign developers have grabbed 30 per cent of the Australian apartment market to date.

In Sydney, researchers say about 90 per cent of the 700 units in the giant Macquarie Central development near Macquarie University have been acquired by Asian buyers.

It is understood a buyer from Hong Kong has paid $10 million for a penthouse in the $440 million Pacific Bondi Beach apartment complex.

Asian interests now account for more than 90 per cent of all apartments proposed or developed by foreign companies in Australia, with Sydney a focal point for Chinese buyers.

China have been the largest source of offshore buyers of residential property for at least the past five years,  with the bulk of apartment purchases between $500,000-$700,000.

“The Chinese are in love with Australia. They will come back. They have been coming back to me for 20 years,” prominent Sydney developer Harry Triguboff said.

Aussie Home Loans founder John Symond said Asian investment could help the Sydney property market for years to come.

“It creates jobs with new developments,” he said. “We do have an under-supply of housing, particularly in cities like Sydney.”

In April, the federal government announced rules preventing non-residents buying established Australian homes and requiring temporary residents, such as students, to sell their houses or apartments when leaving the country.

Seems our Asian neighbours are in love with Australia & truly who can blame them?